At December 31, 2022, Flounder Company reported the following as plant assets.LandBuildingsLess: Accumulated depreciation-buildingsEquipmentLess: Accumulated depreciation-equipmentTotal plant assetsApril 1May 1June 1$27,650,00013,740,000During 2023, the following selected cash transactions occurred.July 1Dec. 3148,010,0004,600,000$3,590,00013,910,00043,410,000$60,910,000Purchased land for $2,170,000.Sold equipment that cost $1,080,000 when purchased on January 1, 2019. The equipment was sold for $648,000.Sold land purchased on June 1, 2013 for $1,410,000. The land cost $402,000.Purchased equipment for $2,370,000.Retired equipment that cost $503,000 when purchased on December 31, 2013. Record adjusting entries for depreciation for 2023. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)DateDec. 31Dec. 31LandBuildingsAccount Titles and ExplanationLessDepletion ExpenseEquipmentAccumulated Depreciation-Buildings(To record building depreciation)Property Plant and EquipmentDepletion ExpenseAccumulated Depreciation-Equipment(To record equipment deprecition)Prepare the plant assets section of Flounder's balance sheet at December 31, 2023. (List Plant Assets in order of Land, Buildings andEquipment.)Accumulated Depreciation-BuildingsLess V: Accumulated Depreciation-EquipmentTotal Property Plant and Equipment10 00Flounder CompanyBalance Sheet (Partial)December 31, 2023DebitLALOCO27650000CredittA

A partial balance sheet, as opposed to a full balance sheet, provides a reduced snapshot of a…

Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $3,590,000 $27,650,000 13,740,000 13,910,000 48,010,000 4,600,000 43,410,000 $60,910,000

Land Buildings Less: Accumulated depreciation-buildings Equipment Less: Accumulated depreciation-equipment Total plant assets $3,590,000 $27,650,000 13,740,000 13,910,000 48,010,000 4,600,000 43,410,000 $60,910,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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